2013 Midyear Office Market Report

7/27/2019 2013 Midyear Office Market Report

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2013 Greater PhiladelphiaMid-Year Office MarketReport and Outlook


2/16

2013 Philadelphia CBD Mid-YearOffice Market Report and Outlook

MarketStreetEast

SouthBroadStreet

Ind

ependenceMall

Conshohocken

Malvern|Exton|WestChester

Norristown|ValleyForge

BalaCynwyd

KingofPrussia

FortWashington

|Springhouse

D

elawareCounty

LowerBucksCounty

Horsham

|WillowGrove

PlymouthMeeting|BlueBell

MarketStreetWest

UniversityCity

Rad

nor|MainLine

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%Vacancy RateRental Rate

MAJOR TENANTS IN THE MARKET

FMC Corporation

200,000 SF

BNY Mellon

90,000 SF

Pond Lehocky Stern Giordano*

40,000+ SF

* Represented by SSH Real Estate

2013 SIGNIFICANT LEASE TRANSACTIONS

Pepper Hamilton

268,000 SF Two Logan Square Renewal

Reliance Standard Life Insurance

137,663 SF Two Commerce Square Renewal

GSA

135,715 100 Independence Mall West New

PHMC

120,207 1500 Market Street New

Beneficial Savings Bank

96,000 1818 Market Street New

2013 SIGNIFICANT OFFICE BUILDING SALE TRANSACTIONS

2000 Market Street

665,649 SF, sold for $110 millio

or $165 per square foot

42 South 15th Street

143,344 SF, sold for

$17.5 million or

$122 per square foot.

1429 Walnut Street

71,754 SF, sold at auction for

$5.7 million or $80 per square foot.

1600 Vine Street

225,616 SF, sold for $29 million or

$128 per square foot to a charter school.


3/16


OUTLOOK

Rental RatesRents throughout the Philadelphia CBD have remained relatively flat.

We expect Class B rates to increase due to the decreasing supply in

that asset class. Look for this trend to continue through 2014.

Vacancy

Overall, vacancy rates have experienced minimal change. Three

Franklin Plaza, 225,000 square feet, has been eliminated from the

supply with its sale to a charter school. One Franklin Plaza, also left

vacant by GSKs move to the Navy Yard accounts for roughly 12%

of the overall CBD vacancy.

Large Blocks of Space

Tenants looking for over 50,000 square feet of contiguous space are

faced with a relatively limited supply. There are only 15 spaces over

50,000 square feet. Only 6 contiguous blocks of space greater than

100,000 square feet are available. The lack of large spaces on the

market leaves large tenants with few options, this could lead to the

construction of a new office building.

Investment Sales

The investment sales market in Center City continues to gain

momentum. During the first half of 2013 we have seen a variety

of assets trade. They range from stabilized Class-A office,

value-add opportunities, to re-development opportunities. The

investor activity has triggered other owners to explore disposition

of assets. There are currently 5 buildings comprising of 2.5 million

square feet on the market.

New Office Development

There has been no real change in new office development in the

CBD. The only office development activity has been in University

City and the Navy Yard. 2.0 University Place was recently completed.

3737 Market Street is progressing and will be the anchored by Penn

Presbyterian Medical Center. Liberty Property Trust has

several new buildings on the drawing board at the Navy Yard.

PHILADELPHIA

Overall Central Business District

Inventory

Class A Class B Total

Square Feet 23,799,489 21,206,194 45,005,683

Buildings 29 93 122

Rental Rate

Class A Class B Average

Year-End 2012 $29.10 $21.95 $25.55

Mid-Year 2013 $29.11 $22.19 $25.85

Vacancy Rate


Year-End 2012 10.08% 11.39% 10.73%

Mid-Year 2013 11.66% 10.50% 11.12%

3737 Market Street rendering

The statistical analysis in this report has been conducted using information from

CoStar, the largest and most comprehensive database of commercial real estate

information.


4/16


MULTIFAMILY ACTIVITY

Philadelphia has the third largest residential population among

Central Business Districts in the Country. Over 175,000 people live

in the Center City, this represents a 10% increase from 2000.*

According to the 5-year estimates from the U.S. Census Bureaus

American Community Survey, 57.4% of Center City residents

are renters. High demand for rental units in Center City is confirmed

by low vacancy rates along with the highest rental rates in the

region. Rental apartments in Philadelphias CBD boasts a low

vacancy rate of 3.4%. Rents have remained relatively flat over

the last year due to the increase in inventory.

Center City continues to see the trend of Office-to-Apartment

conversions. Over the past 20 years 47 Center City office buildings

have been converted to apartments. This has resulted in a reduction

of 7,685,000 square feet of office space from the market.

This trend of conversions does not seem to be slowing down as

Alterra Properties, one of the developers behind the conversion

of 1616 Walnut recently purchased 42 South 15th Street with

the intention to convert to 185 apartments.

Center City has seen a significant amount of new construction as

well. Pearl Properties is nearing completion on the construction of

The Granary and the 100% pre-leased The Sansom. In addition,

The John Buck Company has delivered 319 new apartments at

2116 Chestnut Street. These three buildings total 679 units of

new inventory. Brandywine Realty Trust is looking to begin

construction on 278-units at 1919 Market Street in the fall.

SSH is currently tracking 22 new apartment projects in various

stages of development. These projects could add over 4,500

new units by 2015, if all are completed.

Despite the influx of inventory to the market it is expected va-

cancy rates will remain low. This is due to the absorption of pent

up demand as people begin to trade up from older units and

move out of their parents houses. Additionally, as the economy

improves people will be able to afford to not have roommates.

* Center City Districts State of Center City 2013

42 South 15th Street The Sansom, 1605 Sansom Street 2116 Chestnut Street


5/16


MARKET STREET WEST

Submarket Statistics

Inventory


Square Feet 20,057,879 8,049,240 28,107,119

Buildings 25 46 71

Rental Rate


Year-End 2012 $29.60 $22.62 $27.30

Mid-Year 2013 $29.53 $23.10 $27.65

Vacancy Rate


Year-End 2012 10.41% 10.43% 10.42%

Mid-Year 2013 12.53% 10.27% 11.88%

Submarket News

Public Health Management Corporation has relocated from

260 South Broad to 1500 Market Street. This will eliminate a

120,207 square foot block of space in Market West.

GlaxoSmithKline has vacated One and Three Franklin Plaza and

moved to the Navy Yard. This was originally thought to create

870,000 square feet of new vacancies in Market West, however,

Three Franklin Plaza has sold to DeMedici II for a new charter

school. It is unclear what the fate of One Franklin Plaza will be,

its owners have yet to announce their plans for the vacant

building.

Carroll McNulty & Kull*, a law firm from Northern New Jersey, has

signed a sublease for approximately 17,000 square feet of office

in Two Liberty.

* Represented by SSH Real Estate

Pepper Hamilton has

renewed its lease at

Two Logan Square for

268,000 square feet.

Beneficial Savings Bank

will be relocating their

headquarters from Penn

Mutual Towers to 1818

Market Street. The market

west building will now be

referred to as Beneficial

Bank Place.

Reliance Standard Life

Insurance has renewed

its lease at Two

Commerce Square. The

will be expanding by

approximately 15,000

square feet and will

occupy 137,663 squar

feet.

2000 Market Street ha

sold for $110 million.


6/16


MARKET STREET EAST


Inventory


Square Feet 2,001,984 5,011,063 7,013,047

Buildings 2 26 28

Rental Rate


Year-End 2012 $27.03 $21.35 $23.00

Mid-Year 2013 $27.03 $21.42 $23.02

Vacancy Rate


Year-End 2012 2.36% 15.07% 11.37%

Mid-Year 2013 2.43% 15.46% 11.74%

SOUTH BROAD STREET


Inventory

All Classes

Square Feet 2,995,810

Buildings 9

Rental Rate

All Classes

Year-End 2012 $21.90

Mid-Year 2013 $22.04

Vacancy Rate

All Classes

Year-End 2012 8.49%

Mid-Year 2013 5.31%

Submarket News

PREIT continues to pursue the redevelopment of The Gallery at

Market East.

Submarket News

The South Broad submarket continues to

have some of the lowest vacancy rates in

the CBD.

One South Broad Street is currently being

marketed for sale. A 25,000 square foot

Walgreens store will be opening this

summer in the former Borders space.

Dranoff Properties broke ground at thebeginning of 2013 on South Star Lofts,

an 85-unit new apartment building

with ground floor retail. Occupancy is

expected in the spring of 2014.

1429 Walnut Street ha

been sold at auction fo

approximately $80 pe

square foot. The buye

will continue to lease th

building to office tenan

1401 Walnut Street has

been purchased by Pearl

Apartments for $15 million.

Pearl has purchased floors

three through twelve

totaling 76,596 square

feet consisting of 36

apartments.

Host Hotels and Resorts is lookin

for a buyer to purchase the

Philadelphia Marriott Downtown

This is Philadelphias largest hotewith 1,400 rooms. Host believes

it could sell for $325 million, or

$231,000 per room.


7/16


INDEPENDENCE MALL


Inventory

Class A Class B & C Total

Square Feet 1,739,626 5,150,081 6,889,707

Buildings 2 12 14

Rental Rate

Class A Class B & C Average

Year-End 2012 $26.03 $21.35 $22.52

Mid-Year 2013 $26.67 $21.60 $22.88

Vacancy Rate


Year-End 2012 15.50% 11.24% 12.31%

Mid-Year 2013 12.24% 8.24% 9.24%

UNIVERSITY CITY


Inventory


Square Feet 2,190,116 1,303,591 3,493,707

Buildings 8 11 19

Rental Rate


Year-End 2012 $34.25 $23.13 $30.62

Mid-Year 2013 $37.96 $23.24 $32.47

Vacancy Rate


Year-End 2012 8.61% 7.57% 8.27%

Mid-Year 2013 8.21% 6.37% 7.52%

Submarket News

Reputation Changer, Inc., now Brand.com has relocated from We

Chester to The Curtis Center. The move to Center City is a growi

trend among technology companies geared towards attracting to

young talent.

Submarket News

Rental Rates in University City remains the highest of the

Philadelphia submarkets. Much of the activity in this submarket

is due to the continued expansion of the Eds and Med sector.

Brandywine along with joint venture partners Campus Crest

Communities and Harrison Street Real Estate Capital have

commenced construction on The Grove at Cira South, a 33-story

850-bed student housing complex located 31st and Chestnut

Streets. Third quarter 2014 is the targeted date for completion.

University Place Associates are nearing completion on 2.0 Univers

Place. The approximately 97,000 square foot building will be

anchored by GSAs Citizen and Immigration Services who signed

lease for 53,000 square feet. U.S. Facilities, Inc. will be relocating

from 1800 JFK Blvd.

Drexel University has purchased 3161-67 Market Street.

This parcel plays an integral role in Drexels strategic plan.

401 Market Street has been

sold as part of a 40 building

$240 million portfolio.

GSAs relocation to the Dow

Chemical building was a key

driver of the decrease in

vacancy in the submarket.


8/16

2013 Suburban Philadelphia Mid-YearOffice Market Report and Outlook

OUTLOOK

Rental RatesAs a whole rental rates have remained flat during the first half of

2013. The average suburban rental rate increased $0.11 per square

foot since the end of 2012. Expect rents to continue to increase

gradually during the remainder of 2013.

Vacancy

The average vacancy rate for the suburban market saw little change,

decreasing by 0.67% in the first half of 2013.

Investment Sales

The Blue Bell area saw one of the biggest investor sales in the

suburbs. Keystone Property Group has purchased 16 and 18 Sentry

Park West from Mack-Cali. The price was $19.3 million or roughly


New Development

Speculative new development has yet to resume, however there

are a number of properties slated for redevelopment. There are

some ongoing built-to-suit projects underway as well.

Liberty Property Trust is developing a new 200,000 square foot

office building for Vanguard at Great Valley Corporate Center.

Construction is expected to be finished mid-2014. Liberty is also

renovating One County View Road in Malvern.

Shires built-to-suit at Atwater Corporate Center has been scrapped,

and they have decided to remain at Chesterbrook Corporate Center.

With the recent completion of the new turnpike interchange the

Atwater Corporate Center remains poised to be a top competitor

for any large build-to-suit in the market.

MAJOR TENANTS IN THE MARKET

URS

80,000 SF Ft. Washington, Plymouth Meeting, Conshohocken

Rovi Corporation

70,000 SF - Radnor

PRA International

50,000 SF Blue Bell

SUBURBAN PHILADELPHIA

Overall

Inventory


Square Feet 43,157,572 32,027,496 75,185,068

Buildings 471 608 1079

Rental Rate


Year-End 2012 $24.23 $18.72 $21.86

Mid-Year 2013 $24.26 $18.88 $21.97

Vacancy Rate


Year-End 2012 12.72% 14.69% 14.13%

Mid-Year 2013 11.78% 14.38% 13.46%

2013 SIGNIFICANT LEASE TRANSACTIONS

CSL Behringer 191,654 SF

Maschellmac Office Complex, King of Prussia

Renewal with Expansion

Teleflex 84,000 SF

CrossPoint at Valley Forge, Wayne

New Lease

New Penn Financial 52,000 SFMultiple buildings, Plymouth Meeting

Renewal with Expansion

CardioNet, Inc. 46,972 SF

1000 Cedar Hollow Road, Malvern

New Lease

Bristol-Myers Squibb 45,484 SF

Fort Washington Executive Center, Fort Washington

New Lease


9/16


RADNOR | MAIN LINE


Inventory


Square Feet 2,681,501 1,706,528 4,388,029

Buildings 32 44 76

Rental Rate


Year-End 2012 $30.11 $20.61 $26.53

Mid-Year 2013 $30.41 $20.56 $26.58

Vacancy Rate


Year-End 2012 5.9% 9.00% 7.07%

Mid-Year 2013 5.6% 7.00% 6.10%

Submarket News

The Radnor-Main Line submarket remains one of the strongest

in the region. Vacancy continues to fill as rental rates continue

to exceed $30 per square foot.

J.G. Wentworth expanded into an additional 15,000 square feet

at 201 King of Prussia Road.

CONSHOHOCKEN


Inventory


Square Feet 3,464,735 859,745 4,324,480

Buildings 26 12 38

Rental Rate


Year-End 2012 $28.93 $21.49 $27.41

Mid-Year 2013 $28.65 $22.84 $27.49

Vacancy Rate


Year-End 2012 10.00% 5.30% 9.04%

Mid-Year 2013 9.70% 2.50% 8.26%

Submarket News

Conshohocken remains one of the stronger submarkets. This

market has seen a 0.78% decrease in vacancy.

Mercy Health Systems renewed their lease at 1 W. Elm Street

for 86,293 square feet.

RES signed a lease for 9,000 square feet at Radnor Financial Cent


10/16


MALVERN | EXTON | WEST CHESTER


Inventory


Square Feet 7,501,368 4,587,671 12,089,039

Buildings 102 111 213

Rental Rate


Year-End 2012 $21.48 $19.50 $20.68

Mid-Year 2013 $21.98 $19.94 $21.21

Vacancy Rate


Year-End 2012 14.30% 14.20% 14.25%

Mid-Year 2013 11.80% 18.20% 14.23%

Submarket News

CardioNet, Inc. will be moving their operations to 1000 Cedar

Hollow Road in January 2014. They signed a sublease for 46,972

square feet.

PREIT will be opening a 32,000 square foot Main Line Health

facility in its Exton Square Mall.

Meridian Bank has moved its headquarters to the former

IMC Construction Building on Lancaster Avenue.

Shire Pharmaceuticals has abandoned its plans to build a new

headquarters at the Atwater Corporate Center.

West Pharmaceutical Services has relocated to a new

170,000 square foot headquarters building in the

Eagleview Corporate Center.

J. W. Pepper & Son, Inc. purchased 191 Sheree Blvd. in Exton, P

from Elite Underwriting Services, Inc. for $5.1 million, or about

$118 per square foot. The new owner will occupy the building

in the fall.


11/16


NORRISTOWN | VALLEY FORGE


Inventory


Square Feet 2,445,571 1,906,208 4,351,779

Buildings 20 30 50

Rental Rate


Year-End 2012 $19.66 $16.77 $18.44

Mid-Year 2013 $20.94 $16.96 $19.20

Vacancy Rate


Year-End 2012 15.30% 9.60% 12.89%

Mid-Year 2013 10.60% 6.80% 8.93%

Submarket News

TA Associates purchased Highview at Providence Corporate Cent

The two Class A office buildings totaling 183,000 square feet we

purchased for $33 million or $180 per square foot.

SEI Investments has resumed construction on 37,000 square

foot building on its 90-acre campus in Oaks, PA. SEI has been

experiencing consistent growth which has resulted in the need

to build the new office building. When completed, the campus

will total 560,000 square feet.

Montgomery County is looking to sell One Montgomery Plaza

at 425 Swede Road, they plan on continuing to lease space in

the building. The County is also selling the former Sacred Heart

Hospital property is under agreement to Silverang and Hallowell

Development for $17.5 million. 125,000 square feet will be lease

back by the county.

BALA CYNWYD


Inventory


Square Feet 2,255,808 661,812 2,917,620

Buildings 14 9 23

Rental Rate


Year-End 2012 $29.24 $26.63 $28.65

Mid-Year 2013 $28.82 $27.27 $28.47

Vacancy Rate


Year-End 2012 13.30% 10.30% 12.62%

Mid-Year 2013 13.60% 11.40% 13.10%

Submarket News

One Belmont Ave has tallied 40,000 square feet of new leases.

Connect America will relocate from Broomall and occupy 20,000

square feet on the 12th floor. Atrium Executive Suites has leased

20,000 square feet on the 8th floor. These deals bring the buildin

to 87% leased.

There are approximately 1,000 new apartment units planned off

of Righters Ferry Road. Nolen Properties has plans for 335 units,

ONeill Properties is proposing to develop approximately 600 uni

on the former Connelly Container site, and Penn Real Estate Grohas plans to develop 300 units on an adjacent parcel.


12/16


KING OF PRUSSIA


Inventory


Square Feet 7,934,336 4,116,938 12,051,274

Buildings 83 77 160

Rental Rate


Year-End 2012 $23.90 $18.98 $22.16

Mid-Year 2013 $23.73 $18.96 $22.10

Vacancy Rate


Year-End 2012 11.30% 20.70% 14.62%

Mid-Year 2013 12.10% 19.60% 14.66%

Submarket News

Teleflex will relocate to 84,000 square feet at CrossPoint at

Valley Forge.

Crothal Services Group leased 39,674 square feet at

1500-1550 Liberty Ridge Drive at the Chesterbrook

Corporate Center in Wayne.

CSL Behring has renewed its lease and expanded to approximate

190,000 square feet at Maschellmac Office Complex.

Shire Pharmaceuticals has reversed its decision to relocate to

Atwater Corporate Center. Shire will likely remain at Chesterbroo

Corporate Center. This decision averts a 425,000 square feet of

vacancy that would have been created by the move.

The Childrens Hospital of Philadelphia will break ground on a

100,000 square foot specialty care center on North Gulph Road.

FORT WASHINGTON | SPRINGHOUSE


Inventory


Square Feet 1,720,660 2,012,517 3,733,177

Buildings 16 33 49

Rental Rate


Year-End 2012 $22.41 $18.64 $20.38

Mid-Year 2013 $22.47 $18.63 $20.40

Vacancy Rate


Year-End 2012 8.30% 20.90% 15.09%

Mid-Year 2013 9.70% 21.50% 16.06%

Submarket News

Bristol-Myers Squibb has leased 45,484 square feet at the Fort

Washington Executive Center.

1015 Virginia Drive was sold to Intercontinental Development

Corporation for $1.1 million. The 20,000 square foot building

was sold by The Shidler Group.


13/16


DELAWARE COUNTY


Inventory


Square Feet 4,376,733 3,891,168 8,267,901

Buildings 50 76 126

Rental Rate


Year-End 2012 $24.12 $18.64 $20.38

Mid-Year 2013 $24.31 $18.06 $21.37

Vacancy Rate


Year-End 2012 7.70% 16.40% 11.75%

Mid-Year 2013 8.00% 15.53% 11.53%

Submarket News

Paragon Real Estate Group purchased Chichester Square, a 29,02

square-foot retail center for $4.1 million, or roughly


10 Lacrue Avenue in Concordville has been sold to

322 Property Holdings LP.

LOWER BUCKS COUNTY


Inventory


Square Feet 3,465,544 4,119,512 7,585,056

Buildings 46 94 140

Rental Rate


Year-End 2012 $25.21 $16.50 $20.47

Mid-Year 2013 $25.65 $17.23 $21.08

Vacancy Rate


Year-End 2012 24.90% 17.40% 20.82%

Mid-Year 2013 23.90% 15.30% 19.23%

Submarket News

Discovery Labs has extended its 39,594 square foot lease at

Stone Manor Corporate Center in Warrington.

Epicor Software has signed a 42,940 square foot lease

at Horizon Corporate Center in Trevose.


14/16


HORSHAM | WILLOW GROVE


Inventory


Square Feet 3,869,815 5,073,490 8,943,305

Buildings 40 69 109

Rental Rate


Year-End 2012 $21.86 $18.68 $20.05

Mid-Year 2013 $21.27 $18.28 $19.57

Vacancy Rate


Year-End 2012 5.80% 16.00% 11.60%

Mid-Year 2013 4.80% 16.40% 11.38%

Submarket News

ImpactRX will be relocating to 38,000 square feet at 550 Blair M

Road in Horsham. They will be moving from 220 Gibraltar Road.

Despite a small decrease in the vacancy rate, rents have dropped

by $0.48 on average from 2012.

Station Park signed a 28,000 square foot lease

with Philidor Rx Services LLC.

AMEC signed a 13,932 square feet lease for office space at

Hillcrest Building One, located at 751 Arbor Way in Blue Bell.

PLYMOUTH MEETING | BLUE BELL


Inventory


Square Feet 3,441,501 3,091,907 6,533,408

Buildings 42 53 95

Rental Rate


Year-End 2012 $23.91 $18.99 $21.58

Mid-Year 2013 $23.39 $18.93 $21.28

Vacancy Rate


Year-End 2012 22.90% 18.30% 20.72%

Mid-Year 2013 19.10% 17.80% 18.48%

Submarket News

Toll Brothers and Brandywine Realty Trust have begun developme

of a 398 unit apartment complex off of Plymouth Road in Plymou

Meeting. They expect to complete construction in the fourth

quarter of 2015.

16 and 18 Sentry Park West in Blue Bell have sold for $19.3 millio

or approximately $102 per square foot. The two buildings totalin

188,103 square feet sold to Keystone Property Group.


15/16

2013 Greater Philadelphia Mid-YearOffice Market Report and Outlook

COMPANY NEWS

New Assignments

Pond Lehocky Stern Giordano has hired Pete Soens and Mike Kennedy

to represent the firm with all of their real estate needs.

The Investment Sales team of Dan Mayock and Adam Gillespie have been

selected by Temple University to sell the former Tyler School of Art in

Elkins Park, PA.

Recent SSH Transactions

Doug Newbert represented Philidor Rx Services LLC in a 28,000 squarefoot lease in Hatboro, PA.

Jeff Seligsohn and Eric Muller represented the law firm Carroll McNulty &

Kull. CMK signed a 16,275 square foot sublease at Two Liberty Place.

The Investment Sales team sold the Ardmore YMCA for $2.6 million.

Pete Shrier has represented Zajac, Arias & Trichon PC in a 7,426 square

foot lease at 1835 Market Street

Anniversaries:

Maryann Ludwick celebrated her 12th anniversary as

SSHs Controller. We would like to thank her for her

endless hard work and dedication to the company.

New Hires

Carla Bonifas has joined the SSH

team as a Tenant Coordinator.

Her responsibilities include

establishing and maintaining

relationships with tenants

occupying space in the SSH

portfolio.

On April 28th, SSH joined hundreds of others for the

March of Dimes March for Babies. We were able to rai

over $6,000. The money raised helps fund research an

programs for babies who are born prematurely.

SSH in the Community

Property Management News

SSH has added over 215,000 square feet to its

property management portfolio. The following

buildings were added:

1710 Walton Road, Bluebell

1730 Walton Road, Bluebell

1429 Walnut Street, Philadelphia

1401 Walnut Street, Philadelphia

Investment News

SSH Real Estate has sold

42 South 15th Street, a

140,000 square foot Class

B office building to Alterra

Property Group for

$17.5 million. 15th and

Chestnut, L.P. purchased

the building in 2005 for

$11.38 million.


16/16

SSH REAL ESTATE SERVICES

In 2012, SSH Real Estate celebrated 60 years of service to Greater Philadelphia. Through hard work and an entrepreneurial spirit,

weve grown to become one of the largest full-service commercial real estate firms in the region. The only one with our size and scope

of experience in brokerage, property management and investments. Knowing the market as we do, we believe the best real estate

advisors are those who work in all aspects of the business, with an understanding of all interests involved. Our 360-degree perspectivegives our clients an edge in an increasingly complex market. Our 75 professionals, experienced in all facets of the business brokerage,

management, finance, and construction -- provide clients with outstanding results in the full complement of commercial real estate

services:

Tenant Representation

SSH Real Estates 25 brokers provide strategic tenant representation

to clients in the Philadelphia area and throughout the country.

With an average of 20 years experience, our brokers draw on

extensive knowledge, resources and expertise to provide each

client with exceptional service and results.

Investment ServicesSSHs Investment Services Division focuses on investment property

sales in the Philadelphia region. Our team has represented owners

in the sale of over 24 million square feet of income-producing real

estate worth more than $2 billion. We also provide capital market

services for income-producing real estate including multi-housing,

industrial, office, retail, as well as developable land sites.

Non-Profit Services

SSH has cultivated an expertise in working with non-profit

organizations to ensure that their real estate choices are financially

sound and meet the specific needs of their constituents. Clients

include associations; educational, health, social service, religious,legal, arts and cultural organizations; and government agencies.

Landlord Representation

Representing approximately 2 million square feet of office

space in Philadelphia and more than 1.1 million square feet in

the suburban market, SSH is a recognized leader in landlord

representation. Our buildings consistently retain high occupancy

due to aggressive and creative marketing.

Property ManagementSSH manages approximately six million square feet of office space

in the Greater Philadelphia region. As property owners ourselves,

we manage our clients assets as we do our own. Our staff of 50

combines experience and innovative approaches to maximize our

clients cash flow while maintaining the highest quality service to

our tenants.

Construction Management

SSH performs construction management for core and shell

capital improvement projects, and new tenant improvement

fit-outs.

Receivership Services

As an appointed receiver, SSH provides services to banks, loan

servicers and financial institutions in need of help managing

defaulted real estate assets for all commercial property types.

CENTER CITY OFFICE

123 South Broad Street

8th Floor

Philadelphia, PA 19109

T (215) 893-3000

F (215) 893-1466

Jeffrey R. Seligsohn, SIOR, Partner

(215) 825-1500

Peter C. Soens, Partner

(215) 825-1510

SUBURBAN OFFICE

Two Radnor Corporate Center

100 Matsonford Road, Suite 107

Radnor, PA 19087

T (610) 995-1010

F (610) 995-1017

Doug Newbert, Partner

(610) 995-1010 ext. 100

2013 Greater PhiladelphiaMid-Year Office MarketReport and Outlook

2013 Midyear Office Market Report

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